CHICAGO – September 23, 2015 -- CIM Group announced today that it has topped out the 34-story, 690-unit apartment tower set atop the northern end of the Block Thirty Seven retail center, reaching the highest point of the building’s construction. This major construction milestone marks the countdown to the anticipated mid-2016 completion of the residential tower, which is the final component of the mixed-use Block Thirty Seven development.
The tower at the Block Thirty Seven retail center, located on State Street between Randolph and Washington Streets, is part of the ongoing residential growth occurring in Chicago’s Loop. The Loop is a maturing urban district with abundant shopping, dining and entertainment options and is a major employment center, proximate to Chicago’s public transportation network including direct access to underground stations on the Red and Blue lines and the Pedway at Block Thirty Seven.
"On behalf of downtown Chicago's 42nd Ward, I would like to congratulate CIM Group on this milestone in their ambitious development project. The tower will be a great addition to the Chicago skyline, and will contribute to the growing residential base in Chicago's Loop. I applaud CIM Group for this project, which will provide hundreds of new residents with a home in a great location, proximate to public transit, many of the city's fine cultural attractions and the Chicago Lakefront," said Alderman Brendan Reilly (42nd Ward).
Since acquiring the 275,000-square-foot Block Thirty Seven retail center at 108 N. State Street in the heart of Chicago’s retail corridor, CIM Group has been implementing its plan to reposition and enhance the center as an attractive destination for the community. Among the Company’s significant additions to the center are an 11-screen AMC Dine-In Theatre currently under construction on the fourth floor and the 22,000-square-foot Latinicity, a sophisticated casual dining hall featuring multiple authentic Latin cuisine options created by Richard Sandoval Restaurants, on the third floor scheduled to open in mid-October. Further enhancing the center’s premier dining options is The Dearborn – an Urban American Tavern from the Lawless family under construction on the ground floor at the corner of Randolph and Dearborn Streets.
CIM brings its experience and success in creating urban mixed-use properties located in major U.S. markets to the development of the residential tower. The tower and retail center are among CIM’s growing portfolio of investments in Chicago’s Loop, which the company identified as possessing the attributes that fit CIM’s investment model that focuses on established and emerging urban areas with solid infrastructure and transportation networks.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in five strategic categories: repositioning and development projects, well-positioned operating properties, value-add properties, debt, and infrastructure. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area, Bethesda, Maryland, and Dallas. For more information, please visit www.cimgroup.com